You are interested in buying a brand new Lexus IS-F, which costs $70,000 with full of cool options. A bank will lend you 100% of the purchase price…

You are interested in buying a brand new Lexus IS-F, which costs $70,000 with full of cool options. A bank will lend you 100% of the purchase price for 4 years. As usual with an auto loan, you have to make equal monthly payments for 4 years (=48 months). The bank offers you a loan at 6.0% annual interest rate due to your age and credit score. How much is your monthly payment?